Rolling coverage of the latest economic and financial news, as money markets indicate just a 20% chance of a UK interest rate cut todayFederal Reserve cuts US interest rates for the first time in four yearsThe Bank of England will probably take a ‘slow and steady’ approach to easing monetary policy, predicts Michael Brown, senior research strategist at Pepperstone:My base case is for an 8-1 MPC vote in favour of holding Bank Rate steady, with just external member Dhingra dissenting in favour of back-to-back cuts, though there is a chance that either, or both, Deputy Governor Ramsden, and new external member Taylor, join her in this dovish camp.Either way, the policy statement should be a ‘copy and paste’ of that issued las time out, signalling a slow and steady approach to removing policy restriction.Asia’s markets are riding high, as the ripple effect from the Fed’s jumbo rate cut suggests it’ll be much easier for central banks across the region to cut rates, potentially fueling growth and boosting equity market valuations.With the Fed taking the plunge, these more cautious central banks may finally feel encouraged to join the rate-cut party. Continue reading...